Finance Sector: Seek solutions to approach technology 4.0

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The seminar.

Opening speech, Mr. Dang Duc Mai - Director of Financial Informatics and Statistics Department said,“The Industrial Revolution 4.0 brings many opportunities as well as challenges for countries, especially the developing countries like Vietnam, in the application of digital technology, smart technology and new production methods and business to promote economic development.”

Mr. Mai added that in the recent period, the financial sector has made rapid and steady progress, fulfilled the political mission of the sector, mobilized and effectively utilized financial resources for socio-economic development of the country. In order to achieve these, the technology in the financial system must be taken into account.

Until now, information technology has been applied deeply and widely to almost all financial operations, becoming the main point in the key professional activities such as management and administration of the State budget; management of State budget revenues and expenditures; electronic payment and Government bond management; management in the field of taxation, Customs; electronic taxation, e-Customs, the national Single Window, the ASEAN Single Window; debt management; price management, public asset management; management and supervision of financial markets; State reserve management and internal management tasks.

Government agencies are urgently researching and implementing the digital transformation process to reach the goal of e-Government. The Ministry of Finance, as the leading multi-year IT application unit in the Government sector should be one of the pioneers in the field of digital finance.

To ensure the successful implementation of information technology in the finance sector, the Ministry of Finance is keen to receive information from leading speakers and experts from SAP as well as IT, communications, international experiences in building digital government, SAP solutions for Public Finance and Digital Finance, so that the Ministry of Finance will have a general view as well as specific objectives to implement in the next phase.

Mr. Nguyen Viet Hung, the Deputy Head of the Department for Financial Informatics and Statistics said that in the digital transformation strategy, the finance sector set the goal of actively applying the technological achievements in the fourth revolution, building smart governance platform, providing intelligent financial services, and actively participating in the development of the digital economy.

By 2025, it will complete e-finance building and the establishment of a modern, sustainable, open and transparent digital finance platform based on large data, open financial data and financial ecosystems. The financial sector plays an important role in creating, connecting, sharing data and digital platforms, meeting the needs of public financial transactions and digital information of the Government, people, businesses and organizations.

Specifically, the orientation towards 2020 is the implementation of e-Government Architecture and the completion of the national database on finance on the basis of integration, communication and information sharing in the financial sector. The implementation and deployment of cloud-based infrastructure for cloud sharing is to ensure comprehensive information security and efficiency; build an integrated platform for data sharing, financial services to ensure interconnected systems within and outside the industry effectively; develop an unified identity management system and integrate with existing identity management systems.

In the second phase of 2025, the Finance Sector is aiming to establish an open financial data system. In particular, the Government Architecture of Finance and National Database on Finance shall be built on an open data base to publicize information, financial data and budget for people and businesses. Provide data query services at the request of users; promote the people's supervision in the management, administration and use of the Government's budget, ensure their capability to connect and integrate with the national information systems and databases of the ministries and branches, form an integrated work environment, connect, collaborate and share intelligent information across the industry toward paperless offices. Deploy big data technology, artificial intelligence in some key operations of the financial industry.

At the seminar, experienced SAP experts introduced and shared with the Ministry of Finance on new technologies as well as lessons, solutions and roadmap for the Digital Transformation that SAP has implemented in the world. Accordingly, the Ministry of Finance can refer to the Fourth Industrial Revolution and the transformation of the Ministry of Finance.

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The seminar is one of the activities confirming that the finance sector will continue to focus on researching and studying the model and solutions of converting to digital Government of other countries in the world, thereby identifying objectives and roadmap, which are suitable for the financial sector and the application of the technologies of the 4th Industrial Revolution into the management and operation of digital finance.